Equifax breach under the microscope

Smith's replacement, Paulino do Rego Barros Jr., has also apologized for the hack and said the company will help customers freeze their credit records and monitor any misuse.

Smith said the full extent of what occurred emerged during a meeting he had with cybersecurity experts and outside counsel on August 17. Barros will also receive a one-time grant of $1.5 million in Equifax stock and will be eligible for at least $372,000 in additional compensation for performance.

That didn't stop the committee from thrashing Smith and Equifax's failure to protect user data.

"The company failed to prevent sensitive information from falling into the hands of wrongdoers", he said. He said he was alerted the following day, but was not aware of the scope of the stolen data.

During his testimony, Smith identified the company IT employee who should have applied the patch as responsible: "The human error was that the individual who's responsible for communicating in the organization to apply the patch, did not".

Democrats have introduced a flurry of legislation in response to the breach.

Former Equifax chief executive Richard Smith was grilled by animated lawmakers Tuesday, during the first congressional hearing after the company disclosed a massive security breach.

Equifax said Monday the review also determined that some Canadians had their credit card information hacked and will be mailing out written notices to all Canadians who may be affected, but did not provide a specific estimate.

Rep. Frank Pallone, D-N.J., says that if Equifax wants to stay in business, its entire corporate culture needs to change to one that values security and transparency.

Smith stepped down last week in the wake of the breach, which has sparked numerous federal and state investigations as well as outrage from lawmakers. He said that hearings before four House and Senate panels this week should run their course before lawmakers make a decision about what to do next.

Former Republican Senator Saxby Chambliss checks his watch as he and City of Pasadena Councilmember Steve Madison stand with Richard Smith, former chairman and CEO of Equifax Inc., prior to Smith's testimony before House Energy and Commerce hearing on "Oversight of the Equifax Data Breach: Answers for Consumers" on Capitol Hill in Washington, U.S., October 3, 2017. The company "struggled with the initial effort" to help consumers, he said.

Smith said he was notified on July 31 that "suspicious activity had occurred", after security personnel had already disabled the web application and shut down the hacking.

The former chairman and CEO of Equifax says the challenge of responding to the concerns of tens of millions of consumers after a massive data breach proved overwhelming, and regrettably, mistakes were made.

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